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Saudi Arabia Makes Diplomatic Push to Warm Ties with Iraq
Saudi Arabia’s Foreign Minister Adel Al-Jubeir made a surprise trip to Iraq on Saturday, the first trip there by a Saudi foreign minister since 1990. While in Baghdad, Al-Jubeir met with Iraqi Prime Minister Haider Al-Abadi and his counterpart, Ibrahim Al-Jaafari. Al-Jubeir said that Saudi Arabia plans to appoint a new ambassador and resume direct flights […]
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Petrochemicals Sector in Saudi Arabia Remains Vital for Vision 2030 Aims
The Petrochemicals sector in Saudi Arabia makes up 60% of the Kingdom’s non-oil exports and remains vital to the Kingdom’s Vision 2030 aims, according to a recent study on the sector released by Jadwa Investment. The sector’s prominence in the non-oil economy means it has been identified by both the National Transformation Program (NTP) 2020 and […]
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“Ken of Arabia” Lands Moelis and Co. as Lead Advisor for Saudi Aramco IPO
Saudi Aramco has chosen New York-based boutique investment bank Moelis & Co as an adviser on its plans for what is expected to be the world’s biggest initial public share offer, Reuters reports. Moelis & Co secured the role of lead independent adviser. The selection is set to move the small newcomer, and its CEO, […]
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Raw Video Emerges of Houthi Attack on Saudi Frigate as U.S. Sends Destroyer to Red Sea
Raw video has emerged online of a Houthi attack on a Saudi frigate that damaged the ship and drew the condemnation of Saudi Arabia and its allies. Suicide boats belonging to the Houthi militias from Yemen struck the Saudi frigate off Hodeida port in the Red Sea. Two crew members were killed and three were […]
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Saudi Restarts Renewable Energy Investment Plans with up to $50b in Solar, Wind by 2023
Saudi Arabia appears to be re-starting its efforts to expand renewable energy projects to meet growing domestic power needs with up to $50b invested through 2023, according to reports and comments by the Kingdom’s energy and industry minister Khalid al-Falih. The projects, part of the National Renewable Energy Plan (NREP) will be managed under a […]
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Jeddah Cell Connected to ISIS Busted after Two Saudis Blow Themselves Up During Raid
Saudi Arabia has busted a large terror cell after two Saudis blew themselves up during a gun battle in Jeddah, the Kingdom’s second-largest city. In addition to the two dead, 16 suspected terrorists have been arrested, including three Saudis and 13 Pakistani nationals, according to the Saudi Gazette. The Kingdom has also named the two […]
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Saudi Arabia May Cancel $20b in Projects to Cut Costs, Hires PwC
Saudi Arabia is reportedly working with accounting and consulting firm PricewaterhouseCoopers (PwC) on plans to cancel up to $20 billion of projects as the Kingdom continues to seek ways to cut costs as part of economic reforms, Bloomberg reports. The Ministry of Economy and Planning has appointed PwC to review $69 billion of government contracts and aims […]
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Saudi 2017 Budget Will Seek to Reduce Deficit, Create Surplus by 2020
Saudi Arabia’s government will reportedly unveil a plan to balance its high deficit and work to achieve a surplus in 2020, according to a senior government official with knowledge of the matter as quoted in Bloomberg. The plan was devised by the powerful Council on Economic and Development Affairs (CEDA), which is chaired by Deputy Crown Prince […]
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Careem, an Uber Rival in the Middle East, is Newest ‘Unicorn’ Company with Saudi, Japanese Investments
Careem, one of Uber’s rivals in the Middle East, has taken in $350 million in investment led by Japanese e-commerce firm Rakuten and Saudi Telecom Company (STC), the second investment made by Saudi Arabia’s government into ride-sharing apps this year. Saudi Arabia’s Public Investment Fund (PIF) invested $3.5 billion in ride-hailing app Uber in June, […]
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Saudi Arabia’s New Currency Offers Security Upgrades, Phases Out Small Notes
Saudi Arabia has unveiled newly designed banknotes and coins with added security features that make forgery difficult. The new issuance is the first step to addressing the preponderance of one-Riyal bills currently in circulation. Half of all Saudi paper notes are one-Riyal notes, which is worth a little more than a quarter U.S. dollar. A […]
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Analysis: Were the Saudis Right About the Houthis After All?
Informed Americans finally seem to understand that the macabre slogan of Yemen’s Houthi militia group—“God is the greatest, death to America, death to Israel, a curse upon the Jews, victory to Islam”—is more than empty rhetoric. The Houthis are a potent Iranian proxy group, and their slogan, adapted from Iranian revolutionary propaganda, is being made manifest in action. They’ve attacked Red Sea shipping lanes more than 30 times since October 17, under the implausible pretext of aiding Hamas and protesting Israeli military actions in Gaza.
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One of World’s Richest Doctors Sees Fortune Surge to $12 Billion
A Saudi doctor saw his fortune close in on $12 billion on Thursday as shares of his healthcare firm rebounded, returning him to the ranks of the Middle East’s wealthiest private individuals. Shares in Sulaiman Al Habib’s eponymous company have surged 30% since hitting a one-year low in October. That’s made Al Habib — who founded the firm and holds a 40% stake — the third-richest person in the Middle East who’s not a member of a royal family, according to the Bloomberg Billionaires Index.
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Saudi Arabia to get first alcohol shop in more than 70 years
Saudi Arabia has said it will open a shop in Riyadh selling alcohol to a select band of non-Muslim expats, the first to open in more than 70 years. The clientele will be limited to diplomatic staff, who have for years imported booze in sealed official packages known as diplomatic pouches. Saudi officials said the shop would counter "the illicit trade of alcohol". Prohibition has been law since 1952, after one of King Abdulaziz's sons drunkenly shot dead a British diplomat.
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Ravers flock to dance floor in Saudi’s gateway to Mecca
On a stage inside the historical centre of Jeddah, the main gateway for Muslim pilgrims heading to Mecca, rapper Ty Dolla $ign asked his screaming Saudi fans a few questions. "Where the hot girls at?" the dreadlocked 41-year-old American (real name: Tyrone William Griffin Jr) bellowed into the microphone during his set at the Balad Beast music festival. "How many of you trying to get lit after the show tonight? How many of you trying to get faded?"
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Saudi trailblazer Yara Alhogbani handed Mubadala Abu Dhabi Open qualifier wildcard
The second edition of the Mubadala Abu Dhabi Open will take place February 3-11 at Zayed Sports City's International Tennis Centre, and 10 of the world's top 20 have been confirmed for the WTA 500 tournament, including Kazakh world No 3 Elena Rybakina, Tunisia's sixth-ranked Ons Jabeur and Geece's world No 8 Maria Sakkari. Further star power was added to the field in the form of Japan's four-time Grand Slam champion Naomi Osaka and former US Open winner Emma Raducanu of Great Britain after both players received wildcards.
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Saudi Arabia prepares to open first alcohol store for diplomats
Saudi Arabia is preparing to open its first alcohol store in the capital Riyadh which will serve exclusively non-Muslim diplomats, a source familiar with the plans and a document showed on Wednesday.Customers will have to register via a mobile app, get a clearance code from the foreign ministry, and respect monthly quotas with their purchases, the document said.The move is a milestone in the kingdom's efforts, led by Saudi Crown Prince Mohammed bin Salman, to open the ultra-conservative Muslim country for tourism and business as drinking alcohol is forbidden in Islam.
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US military strikes two Houthi anti-ship missiles in Yemen
The U.S. military carried out more strikes in Yemen early on Wednesday, destroying two Houthi anti-ship missiles that were aimed at the Red Sea and were preparing to launch, the U.S. military said in a statement.The U.S. strikes, which took place at roughly 2:30 a.m. (2330 GMT), are the latest against the Iran-backed group over its targeting of Red Sea shipping, and followed a larger round of strikes a day earlier.
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Israel hits Khan Younis amid talks on one-month Gaza truce
Israel and Hamas have made some progress toward agreement on a 30-day ceasefire in Gaza when Israeli hostages and Palestinian prisoners would be released, sources told Reuters, as Israel pressed ahead with its assault on southern Gaza's main city.Qatar, the U.S. and Egypt have for weeks shuttled between Israel and the militant group that runs Gaza trying to broker terms for a break in fighting, which would also allow in more food and medical supplies.
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Saudi superstar Mishaal Tamer is set to wow crowds in Riyadh
Mishaal Tamer’s journey took an unexpected turn when he became the first Saudi student at the prestigious Clive Davis Institute of Recorded Music in New York. Using his Xbox and guitar, he started anonymously uploading clips onto the internet, some of which went viral overnight. This digital success caught the attention of major record labels, who eventually signed with him. Brands like Bulgari recognised his talent, featuring him in various campaigns.
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How to invest in Saudi Arabia stock market – all you need to know
There are several ways one can invest in the stock markets in the country and increase their wealth over the years of residency – Equities, Sukuk & Bonds, Exchange-Traded Funds (ETFs), Real Estate Investment Trusts (REITs), Close-End Investment Funds (CEFs) and Derivatives.
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